India received Rs 14232.42 crore (Rs 142.32 billion) worth of foreign direct investment in the first nine months of the current fiscal as opposed to Rs 12117.36 crore (Rs 121.17 billion) FDI received in the whole of 2003-04 fiscal.
She wondered whether reforms meant pointing guns at farmers and that there would be no shopkeepers in the localities.
Improved monsoon, solid fiscal performance, and capex push by the public and private sectors augurs well for India's macroeconomic stability and growth, the finance ministry's monthly economic review for June 2023 said. But the report said that while India's domestic fundamentals remain strong, negative cross-border spillovers and adverse global developments could act as a deterrent in achieving the high growth path this financial year. "An improved matching of aggregate supply and aggregate demand in the Indian economy underpins the progress made in the control of domestic inflation and the consequent strengthening of macroeconomic stability," the review said.
The proposal was mooted by the department of industrial policy and promotion in the ministry of commerce and industry.
The commerce and industry ministry has informed the Prime Minister's Office that the Bharti Group has conveyed to the government that its joint venture with Wal-Mart was in compliance with the existing FDI policy.
India, at present allows 51 per cent FDI in single brand retail and 100 per cent in the cash-and-carry .
The Bahujan Samaj Party on Monday indicated that it will support the government in Parliament on the issue of Foreign Direct Investment, saying the fact that the Centre has not thrust the policy on states and the aim of keeping communal forces at bay will determine its stand.
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
This much needed reform will also help the consumer who is hit with an eight per cent inflation in the month of August mainly for food items and we also expect to see quality improved with products delivered to the market place and the farmers getting a bigger share of the pie, INOC (I) said in its statement.
With the 72-hour deadline to the Centre to rollback diesel price hike, LPG subsidy cap and FDI in multi-brand retail expiring on Monday, the Trinamool Congress mounted fresh pressure with a Union minister belonging to it listing three options, including withdrawal of support to the United Progressive Alliance.
Government has issued a formal notification for raising foreign direct investment limit in public sector refineries to 49 per cent. The FDI would require prior approval of Foreign Investment Promotion Board. The condition of compulsory divestment of up to 26 per cent by foreign companies commencing trading and marketing of petroleum products has been deleted. Government had allowed 100% FDI in actual trading and marketing of petroleum products, with 26% divestment condition.
The storm over the issue of Foreign Direct Investment in retail refused to subside with the matter, along with quota in promotions for Scheduled Castes and Scheduled Tribes, paralysing proceedings in Parliament for the second day on Friday.
At a time when Bharatiya Janata Party and several other parties have also opposed FDI in retail, the Left leaders said they have appealed to all parties to support the motions in both Houses of Parliament.
"It is unprecedented. When Parliament is in session, a major decision was taken outside Parliament. It has never happened," Communist Party of India-Marxist leader Sitaram Yechury told reporters outside Parliament House.
Propelled by strong growth in the pharmaceutical sector, India's foreign direct investment jumped over 133 per cent to $814 million during April-June 2004 as compared to $349 million reported in the corresponding quarter last year.
Spanner may have been thrown in the government works on foreign direct investment in multi-brand retail.
In 2016, (till April 22), 64 proposals have been received.
During the 10-months of this financial year, the highest FDI came in services ($1.80 billion), followed by pharmaceuticals ($1.26 billion), automobiles ($1 billion) and construction development ($966 million).
Tesco was the first global retailer to apply for multi- brand retailing in India.
Deadlock over the government's decision to allow FDI in retail paralysed Parliament for the fourth day on Wednesday, with a united opposition joined by United Progressive Alliance partners Trinamool Congress and Dravida Munnettra Kazhagam disrupting proceedings, demanding a rollback of the controversial decision. With formal and back-channel talks between government leaders and their opposition counterparts failing to make any breakthrough, both Houses were adjourned.
Gujarat riots, terror attack in the United States and SARS outbreak in South East Asia led to a massive fall in foreign direct investment in India during 2001-02 to 2003-04, according to an Assocham report.
The Government on Thursday said foreign direct investment will not be allowed in housing projects for urban poor.
'India needs many more job creators, both in manufacturing and services, to make it big.' 'For that, the red carpet must be rolled out fully and for all investors without holding back,' suggests Nivedita Mookerji.
Before concluding that the current level of FDI flows is a reflection of India coming into its own with regard to manufacturing, it is important to carefully study the numbers and to understand the story that they tell.
In a major relaxation of foreign investment rules in the pharma sector, a special group set up under the finance ministry has suggested it could consider permitting up to 49 per cent FDI (foreign direct investment) in the automatic route for brownfield investments in case the company's control remained in Indian hands.
The government has cleared 12 foreign direct investment (FDI) proposals that will bring in Rs 212 crore (Rs 2.12 billion), of which the largest chunk will be by US-based Millennium India Acquisition Company. Meanwhile, 13 proposals, including two from B A G Films, were deferred by the government, according to an official statement. The US-based company will bring in Rs 159.92 crore (Rs 1.59 billion) of FDI to acquire stakes in two non-banking finance companies.
Reserve Bank Governor Raghuram Rajan on Monday warned against compromising India's interest for the sake of attracting foreign investment and said the priority should be framing transparent policies as well as resolving contractual tax disputes quickly.
The finance ministry on Wednesday ruled out more than 26 per cent foreign direct investment in pension sector and said fund managers would be selected through a competitive bidding process.
Additional investment of $190 billion has to be made in the next eight years.
"AAP has done a fabulous job highlighting corruption and governance issues and have a good platform for that, but their economic platform is very scary," Venktesh Shukla, president, The Indus Entrepreneurs Silicon Valley, the largest TiE chapter, told Rediff.com. "Valley investors are watching India minutely; the next few months are very crucial for Silicon Valley investors."
It is a myth that FDI in retail will kill at local kirana stores.
The Confederation of All India Traders, the apex body of trade federations and small-scale sector players in the country, upped their campaign on Saturday against the United Progressive Alliance government's proposal to bring in foreign direct investment in multi-brand retail by another notch. The CAIT announced a nationwide campaign, 'Retail FDI bhagao, apne vatan ko bachao' (Chase out FDI in retail, save our nation) in the national capital on Saturday.
The government also increased the power of the FIPB.
India, the world's fifth largest economy in the world, is likely to overtake Japan to become the world's third-largest economy with a GDP of $7.3 trillion by 2030, S&P Global Market Intelligence said in its latest issue of PMI. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year. India's gross domestic product (GDP) is expected to grow 6.2-6.3 per cent in the fiscal year ending in March 2024, being the fastest-growing major economy this fiscal year.
Leader of Opposition in the Rajya Sabha Arun Jaitley on Tuesday blamed Congress President Sonia Gandhi and her Congress General Secretary son Rahul for the FDI decision. Jaitley said that the decision on FDI was taken without bothering that it will hurt the interests of farmers, small traders as well as consumers, and would in no way help the economy.
The stipulation that new front-end stores will have to be set up will impact M&A in the sector.
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
While Federation of Indian Chambers of Commerce and Industry extended an all-out support to the government, Confederation of Indian Industry recommended 'a calibrated approach for introducing FDI in the retail sector in terms of the percentage and minimum capitalisation requirements'.
